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Dec 31, 2025
NYMT Q4 2025 Earnings Report
Adamas Trust reported strong fourth quarter 2025 results with solid net income and improved net interest spread.
Key Takeaways
Adamas Trust delivered solid Q4 2025 performance with net income attributable to common stockholders of $41.6 million and EPS of $0.46, supported by $43.2 million in net interest income and a 1.52% net interest spread. The company benefited from strong other income and portfolio growth, while maintaining disciplined expense management.
Net income attributable to common stockholders was $41.6 million, or $0.46 per share.
Net interest income reached $43.2 million with a net interest spread of 1.52%.
Total other income contributed $52.6 million during the quarter.
Adjusted book value per common share increased to $10.63 at quarter end.
Revenue by Segment
Forward Guidance
The company entered 2026 with strong momentum, focusing on continued EAD growth, portfolio expansion and disciplined capital allocation.
Positive Outlook
- Momentum entering 2026 with expanded portfolio.
- Focus on growing earnings available for distribution.
- Enhanced liquidity position.
- Disciplined capital allocation strategy.
- Strong conviction in long-term value creation.
Challenges Ahead
- Exposure to interest rate volatility.
- Market risks in residential loan and RMBS sectors.
- Potential changes in credit spreads.
- Dependence on financing markets and leverage.
- Regulatory and macroeconomic uncertainties.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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